Blackhawk buys Illinois bank

Wisconsin’s Blackhawk Bancorp will acquire First McHenry Corporation, parent company of First National Bank of McHenry, Ill., for $23 million.

FNB McHenry had approximately $175 million in assets, $45 million in loans, and $160 million in deposits at June 30. It has three offices in McHenry, Island Rock and Richmond, Ill.

“We are enthusiastic about this partnership and look forward to continuing and enhancing the commitment to the communities in which FNB McHenry operates,” said Todd James, CEO of the $779 million Blackhawk. “We intend to continue operating each of FNB McHenry’s offices and bring our unique and successful approach to banking to FNB McHenry’s market helping more businesses and residents meet their financial needs.”

Beloit-based Blackhawk currently has nine offices in south central Wisconsin and northern Illinois.

Performance Trust Capital Partners, LLC is serving as financial advisor to Blackhawk Bancorp, and Howard & Howard Attorneys is serving as its legal advisor. Olsen Palmer LLC is serving as financial advisor to First McHenry, and Godfrey & Kahn is serving as its legal advisor.